Endeavour purchases Arroyo Seco Ag property

Vancouverite Endeavour Silver (TSX: EDR) has acquired the Arroyo Seco silver property in Mexico's Michoacán state, the company said in a statement. Endeavour purchased the 1,215ha territory in an auction from Mexican geological survey SGM for US$229,000 payable over two years plus a 1% NSR royalty, according to the statement. Three small mines were developed on the property - Los Alacranes, San Ignacio and El Zapote - during the 1600s, according to Endeavour. Recent exploration by SGM includes mapping, trenching and 789m of diamond drilling in 10 holes. SGM calculated an indicated resource of 0.84Mt containing 206g/t, or 16Moz, of silver, according to the statement. However the resource does not comply with Canadian NI 43-101 reporting standards, Endeavour said. The company also owns the Guanacevi mines in Guerrero state which produced 300,872oz of silver in the first quarter of 2006.